Oil pares weekly gain as US rig count surges, dollar advances

New York

CRUDE pared a weekly gain as US explorers added the most oil rigs in 16 months. Rigs targeting crude in the US rose by 19 to 471 last week, the highest level since January, Baker Hughes Inc said on its website on Friday. The dollar rallied curbing investor interest in commodities.

Algerian Energy Minister Noureddine Boutarfa said he's more optimistic of clinching an agreement after discussions between the Organization of Petroleum Exporting Countries and Russia in Doha. Russian Energy Minister Alexander Novak said a consensus is emerging and that his country is considering an output freeze of six months.